Syringes Market Size Worth USD 23.63 Billion By 2032

Posted 2024-02-28 05:41:23

Synopsis of the Syringes Market: The global syringes market attained a valuation of USD 12.22 Billion in 2021 and is projected to exhibit a robust revenue Compound Annual Growth Rate (CAGR) of 7.6% throughout the forecast period. Key drivers propelling market expansion include the escalating incidence of chronic ailments like diabetes, cancer, and cardiovascular disorders, heightened demand for injectable medications, and the imperative for proficient drug delivery mechanisms.

In recent years, there has been a notable increase in the demand for syringes, which are essential medical tools used for delivering medications, vaccines, and therapeutic substances to patients. This surge in demand can be attributed to several factors. Firstly, according to the World Health Organization (WHO), there has been a significant rise in the number of diabetic cases globally, increasing from 108 million in 1980 to 422 million in 2014. This highlights the growing need for injectable treatments, particularly due to the increasing prevalence of chronic diseases.

Additionally, the continuous pursuit of reliable and safe drug delivery methods has contributed to the expansion of the syringe market. Technological advancements have played a crucial role in this growth, driving the development of more efficient and secure syringe designs aimed at enhancing drug delivery effectiveness and patient safety.

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The adoption of syringes is anticipated to ascend further, propelled by the growing imperative for auto-disable syringes to mitigate infectious disease transmission. WHO strongly recommends the use of auto-disable syringes, particularly in regions where syringe reuse is prevalent, thus contributing to their heightened adoption and market growth.

Safety syringes are poised to register the fastest revenue growth rate during the forecast period, driven by increasing awareness concerning needlestick injuries and the pressing need for safer injection practices. Equipped with safety features such as retractable needles and sheaths, these syringes mitigate the risk of needlestick accidents, particularly prevalent among healthcare professionals in hospital and clinic settings.

The pre-filled syringes segment is anticipated to command a substantial revenue share in the global syringes market, attributed to the burgeoning popularity of home healthcare, demand for reduced drug wastage, and the preference for self-administration of medications. Designed for convenient, precise, and safe drug administration, pre-filled syringes are poised for heightened adoption amid rising chronic disease prevalence and the imperative for targeted drug delivery.

Insights by Application: Segmentation by application includes blood specimen collection, therapeutic injections, and immunization injections. Therapeutic injections dominated the market landscape in 2022, propelled by the mounting prevalence of chronic ailments such as diabetes, cancer, and autoimmune disorders. The burgeoning trend of self-administered injectable medications, coupled with an aging population, further fuels revenue growth in this segment.

Immunization injections are poised to register a significantly rapid revenue growth rate during the forecast period, underpinned by the heightened focus of governments and healthcare institutions on vaccination drives. Essential for administering vaccinations to curtail the spread of infectious diseases, immunization injections are expected to witness heightened demand and market expansion.

Blood specimen collection is anticipated to command a considerable revenue share, driven by the escalating prevalence of chronic ailments and the burgeoning demand for precise diagnostic procedures. Integral to disease surveillance and diagnostic testing, blood sample collection is underscored by the growing acceptance of home-based healthcare and the burgeoning need for Point-of-Care (PoC) testing.

Insights by Region: The Asia Pacific market emerged as the dominant revenue contributor in 2022, attributed to the escalating prevalence of chronic ailments such as diabetes, cancer, and cardiovascular disorders, alongside an aging population. Additionally, rising healthcare expenditure and heightened awareness of safe injection practices further propel market growth in this region.

North America is poised to register substantial revenue growth during the forecast period, driven by a well-established healthcare infrastructure, heightened awareness of safe injection practices, and a rising incidence of chronic conditions. Adoption of cutting-edge healthcare technology and a focus on immunization initiatives further augment market expansion in this region.

Europe is slated to command a significant revenue share, propelled by its aging population and mounting prevalence of chronic diseases. Furthermore, the region's increasing demand for pre-filled syringes and heightened awareness of safe injection practices contribute to market growth.

Major Companies and Competitive Landscape: The global syringes market is characterized by intense competition and fragmentation, with numerous large and medium-sized players dominating a substantial portion of market revenue. Key players are implementing diverse strategies such as mergers and acquisitions, strategic agreements and contracts, and the development of innovative products to bolster their market presence and gain a competitive edge.

Notable companies in the global syringes market include Becton, Dickinson and Company; Gerresheimer AG; Schott AG; West Pharmaceutical Services, Inc.; Nipro Corporation; TERUMO CORPORATION; Medtronic; B. Braun Melsungen AG; Smiths Medical, Inc.; and Cardinal Health, Inc.

Strategic Developments:

On March 7, 2022, Medtronic unveiled its MiniMed 780G advanced hybrid closed-loop insulin delivery system in the European market, featuring personalized glucose management and automatic insulin delivery adjustments to mitigate high and low glucose levels.
On September 13, 2022, Becton and Dickinson Company (BD) introduced a new syringe tailored for the administration of Intravenous (IV) medications. The BD Neopak syringe boasts a low residual volume, minimizing drug waste and reducing the risk of medication errors.

Segments Covered in the Report: This comprehensive report provides historical data and forecasts revenue growth at global, regional, and country levels, offering insights into market trends across various segments and sub-segments from 2019 to 2032. Segmentation by product type and region enables a detailed analysis of market dynamics and growth prospects.

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